Bahrain’s Al Abraaj Restaurant Group Adopts Bitcoin Treasury Strategy

Bahrain-based Al Abraaj Restaurant Group has announced it has become the first publicly listed company in the Middle East to adopt a Bitcoin (BTC) treasury strategy. The company revealed that it has partnered with 10X Capital, a New York-based investment firm focused on Bitcoin treasury, to promote the adoption of BTC and increase the number of bitcoin units per share.  

Commenting on the latest move, Hans Thomas, CEO of 10X Capital, said: 

“I would like to congratulate Abdulla Essa and the team at Abraaj Restaurant Group on adopting Bitcoin across the company’s treasury, finally enabling anyone in the GCC with a brokerage account to access Bitcoin by investing in a listed stock. Bahrain has once again proven its regional leadership in Bitcoin adoption, backed by a progressive regulatory framework.” 

Al Abraaj Restaurant Group Adopts Bitcoin

Notably, the decision to adopt BTC as a treasury asset followed extensive research, thorough evaluations, and rigorous audits. These were all conducted within the framework of the Bank of Bahrain’s forward-thinking regulatory guidelines. 

Like Strategy, Tesla, and Metaplanet, Al Abraaj Restaurant Group has acquired 5 BTC, worth $510,000. The company noted that, despite the ongoing market correction, it plans to purchase more in the future as part of its long-term strategy.

The development underscores the restaurant group’s commitment to innovation, diversification, and a sustainable growth plan. While the company will implement strong policies for crypto asset custody, it promises to provide regular updates for shareholders regarding its BTC-related activities. 

Exploring New Opportunities

Following the announcement, the strategic move aims to increase and enhance the company’s digital asset vehicle while exploring new opportunities in the financial sector. Additionally, the group is focused on creating Sharia-compliant financial instruments, enabling the Islamic world to access crypto assets through legitimate and secure channels. 

“Our initiative to become a Bitcoin treasury company reflects our forward-thinking approach and our commitment to maximizing share value for investors. We believe that Bitcoin will play a pivotal role in the future of finance, and we are pleased to be at the forefront of this transformation in the Kingdom of Bahrain,” Abdulla Issa, Chairman of the Bitcoin Treasury Committee at Al Abraaj Restaurants Group, added. 

Meanwhile, the chairman stated that 10X Capital has demonstrated consistent proficiency and a strong track record in the sector, and anticipates a successful partnership in the Middle East.